More than ever, shoppers are looking for flexibility, including in how they pay for things. More than one-third of shoppers say they are more likely to seek out alternative financing options now vs. two years ago (Synchrony Major Purchase Study 2021).
Consumers expect choice: flexible payment options that support budgeting in a simplified checkout experience. Partners want to grow their customer base and increase average order value (AOV) while offering customers more ways to pay. In a December 2021 Synchrony Market Insights research paper, we found that roughly one-in-five shoppers say they would want to make all their purchases using an installment plan, and “Buy Now Pay Later (BNPL)” options, more so among younger consumers.
Whether it’s the latest in ways to pay, or tools to make your customer’s experience easier, retail is always changing—but your goals stay the same. The retail arena needs to get prepared to offer more ways to pay and making customer transactions easy is good for business—no matter what trend is next, retailers have to be committed to helping everyone say “yes” more often.
